ELMIRA — Hardinge, Inc. (NASDAQ: HDNG), an international manufacturer of advanced metal-cutting tools, reported that its profit fell 63 percent in the third quarter as acquisitions couldn’t offset declining internal sales. The Elmira–based manufacturer, which generates three-fourths of its sales outside North America, posted net income of $1.5 million, or 13 cents a share, in […]
ELMIRA — Hardinge, Inc. (NASDAQ: HDNG), an international manufacturer of advanced metal-cutting tools, reported that its profit fell 63 percent in the third quarter as acquisitions couldn’t offset declining internal sales.
The Elmira–based manufacturer, which generates three-fourths of its sales outside North America, posted net income of $1.5 million, or 13 cents a share, in the third quarter. That’s down from $4 million, or 34 cents, in the year-earlier period.
Net sales in the third quarter totaled $82.3 million, off slightly from $82.9 million in the third quarter of 2012. A pair of acquisitions contributed $10.5 million of Hardinge’s sales in the latest quarter, but couldn’t fully make up for declining organic sales.
“Results for the quarter were as we expected. Organic sales reflect the general weakness that we have seen over the last year, but were favorably offset by our acquisitions.” Richard L. Simons, chairman, president, and CEO of Hardinge, said in the earnings report. “Of note, we are generating strong cash from operations and are making solid strides at reducing debt, providing us the financial flexibility to continue our acquisition strategy.”
Hardinge acquired Usach Technologies, Inc., a privately held machine tool company based in Illinois, last Dec. 20. And, it bought Michigan–based Forkardt from Illinois Tool Works, Inc. (NYSE: ITW) this May 9.
Hardinge said that net income when adjusted to exclude acquisition-related items and a separate tax charge totaled $2.4 million, or 20 cents a share, in this year’s third quarter.
The company’s sales rose 9 percent in North America, increased 7 percent in Europe, and fell 13 percent in Asia, respectively in the third quarter when compared to the year-ago period.
Hardinge reported its earnings before the open of trading Thursday. Its share price fell almost 5 percent yesterday. However, year to date, the company’s stock is up more than 43 percent.
SYRACUSE — Dr. David R. Smith said he will resign as president of the State University of New York (SUNY) Upstate Medical University, Central New York’s largest employer. SUNY earlier this week announced it had placed Smith on leave due to “an ongoing review of compensation issues” and “recent health issues.” Smith on Thursday
SYRACUSE — Dr. David R. Smith said he will resign as president of the State University of New York (SUNY) Upstate Medical University, Central New York’s largest employer.
SUNY earlier this week announced it had placed Smith on leave due to “an ongoing review of compensation issues” and “recent health issues.”
Smith on Thursday issued a statement that the SUNY office of communications emailed to CNYBJ.com, and it reads as follows:
“Over the past several weeks, I have been working with the leadership of SUNY as they conduct a review of all sources of my compensation. As I recover from spinal surgery this week, I will continue to cooperate fully and do all that I can to bring the review to a swift conclusion. To avoid further distraction for the University from its important mission, I intend to submit my resignation as president of [Upstate Medical University], so that this great institution can move on to even greater success.”
The Albany Times-Union earlier this week had posted a copy of a Nov. 1 letter SUNY Chancellor Nancy Zimpher wrote to Smith on its website.
In it, the chancellor indicates the review is ongoing, but preliminary information, including statements from Smith, indicate that “at a minimum you authorized and accepted a substantial increase in your compensation in 2012 (continuing into 2013) paid through the Pediatrics Service Group, LLP, without my prior approval.”
Pediatrics Service Group, LLP is part of Upstate Medical University, according to the school’s website.
The letter goes on to say “…and that in 2010 you were actively involved in the establishment of a deferred-compensation plan through MedBest Medical Management, Inc. — an entity affiliated with the Upstate University Health System — that to date totals approximately $349,295.59 for you personally, again without my approval.”
A Tuesday report in the Albany Times-Union says Smith was close to becoming the next president of Penn State University.
The Times-Union reports Isaacson, Miller, the search firm that Penn State is using to find its next president, discovered that Smith was receiving extra compensation from outside companies associated with Upstate Medical University and alerted SUNY.
Besides the announcement placing Dr. Smith on leave, Chancellor Nancy Zimpher also named Dr. Gregory Eastwood officer-in-charge of Upstate Medical University, effective immediately.
Eastwood previously served as president of Upstate Medical University from 1993 to 2006, the school said.
Eastwood is currently a member of the Upstate Medical University faculty, designated as a university professor and teaching in the Center for Bioethics and Humanities, the school said.
SYRACUSE — CenterState CEO and the Brookings Institution today released a metropolitan-business plan that identifies five “key” findings with “clear” implications for “redefining the region’s
DeWITT — Time Warner Cable, Inc. (NYSE: TWC) plans to develop a $7.3 million business-services center in a “long-vacant space” in a shopping plaza along
ITHACA — Cornell University today announced it will lead a team of international researchers to improve the link between local economies and the “natural wealth”
BINGHAMTON — The Greater Binghamton Chamber of Commerce recently unveiled its newly redesigned website, which it says is designed more effectively to highlight the chamber’s
Defense contractor Lockheed Martin Corp. (NYSE: LMT) on Wednesday announced plans to lay off 80 employees from its site in Salina and 65 employees from its location
Mentoring provides substantial value and results for startup communities. Not only does it offer much-needed support to first-time entrepreneurs, but it also provides great value and lessons to the mentor as well. As we have been reporting, the upstate New York entrepreneurial community features some amazing and talented people. Peter Dean is one of those
Mentoring provides substantial value and results for startup communities. Not only does it offer much-needed support to first-time entrepreneurs, but it also provides great value and lessons to the mentor as well. As we have been reporting, the upstate New York entrepreneurial community features some amazing and talented people. Peter Dean is one of those people. The president and founder of Saratoga Springs–based Internet-marketing agency RenderTribe, Dean is quick to point out the value of being actively involved in the community.
Dean has built a reputation for innovation in web marketing and e-commerce. He is a regular guest lecturer at the Lally School of Management & Technology at RPI, teaching web-marketing strategy and Google AdWords management. As a mentor, Dean says he enjoys helping young companies scale and achieve their potential. Currently, he serves on the advisory board for two startup companies.
Prior to RenderTribe, Dean founded and led companies in the e-commerce and service industries. Before his entrepreneurial pursuits, Dean held senior global business development and sales roles with FedEx and DHL. He helped develop and design innovative supply-chain programs and brought in more than $45 million in new business over his career. Dean has used his deep understanding of the sales process to help clients make a big impact with their lead-generation programs and successfully integrate marketing and sales.
We believe you’ll find Dean’s answers to our questions refreshing and illustrative of the positive entrepreneurial energy generated all around Upstate.
Q: You have participated in multiple startups on both the East Coast and West Coast. One consistent trend in the startup world is the need to engage with active mentors. What value would you attach to a mentoring relationship as a startup founder?
A: I do not think I would have survived any of the startups without mentors. They are all valuable for different reasons. They often provide a unique perspective that is hard to get when you are in the business every day. Entrepreneurs face many unknowns at any given stage of a startup. Just bouncing something off a mentor that has relevant experience can produce a significant, positive impact. Mentors’ willingness to challenge your thinking is invaluable.
I have worked with two distinct types of mentors over the years: those with startup experience, and those without startup experience. Both types of mentors are valuable for different reasons, and it’s important to work with both. Startup mentors are valuable in helping with issues unique to the startup, but they also can have the same flaws as you do. Non-startup mentors bring that balanced perspective needed for helping you succeed. The mentors without startup experience always have a hard time understanding their impact, but in reality added tremendous value. You don’t have to have startup experience to be a good mentor. Honesty is the most important trait.
Q: Some of your career experience was in the Bay Area and Northern California. Saratoga Springs is a whole different world from San Francisco. What led you to Saratoga Springs and what has your experience been since your return?
A: When we started a family, we moved back to Upstate, because we wanted to be closer to family. We also wanted to enjoy a certain type of lifestyle that was difficult to achieve in the very expensive San Francisco market. We bootstrapped our first company to profitability. That was not a simple task. When you are bootstrapping, you need to minimize all your costs. This was a challenge when we lived in San Francisco, because of the high costs of living and working there.
The cost of living and the funding needed to start a company are lower in Upstate.
Each location has its set of unique challenges, but we love being part of the Saratoga Springs community and upstate New York.
Q: Some people reading this may question the value of mentoring. Time is a precious commodity. What value do you receive from being a mentor to various entrepreneurs?
A: I am still building businesses and continuously looking for attractive, new opportunities. Every time I have a chance to work with entrepreneurs, I find it invigorating to see the passion they have for their work. This drive inspires me and challenges me to think about what I am doing constantly in my own work. I always go back to my business with renewed energy.
I believe that you will get back more than you give. I have learned lessons alongside the people I have mentored. These interactions have expanded my knowledge and made it clear that the value of mentoring is felt by both sides.
Q: If you were a student today, why would you remain in upstate New York upon graduation to build a company versus leaving for a different part of the country?
A: I think in upstate New York, students today have a unique opportunity to get access to a broader support network without as much competition. We have some of the best universities in the nation right here, with minimal competition for their invaluable attention and support. Many of the companies I know that are taking advantage of such opportunities are thriving. If you were to move to San Francisco, you are just one of many potential startups in line to gain access to such value.
The network you build in school is invaluable. When I moved to San Francisco, it was like starting over again and that is difficult. In a startup, your network and its reach are important assets to help grow your business and solve problems. Building any company, regardless of location, is hard, and in reality, not that glamorous. Moving away from your base network to a location that has more hype does not change the basic business problems you are solving. Be careful not to chase the hype.
Q: Upstate New York has many entrepreneurs with substantial experience that is invaluable to first-time entrepreneurs. If someone reading this is thinking about becoming a mentor, what would you suggest they do to take the first step?
A: Find an accelerator or a startup weekend and show up. There is never enough good help to get a startup off the ground. The universities and colleges often have an active community with local events that you can attend. One of the best ways to find an event in our region is through Upstate Venture Connect at www.uvc.org. Go to an event and start meeting people.
Q: We’ve been saying for a long time that this region has an amazing set of untapped assets. People are now leveraging those assets for success. Can you talk about what you see happening in the Capital District area as well as the upstate region as a whole?
A: There are some great startups in the Capital District and a lot of activity coming out of RPI and the SUNY College of Nanoscale Science and Engineering. I am constantly meeting new technology startups in the region. A groundswell of new companies is emerging and a community of people is supporting them. Entrepreneurs can tap opportunities to get involved at http://startuptechvalley.org/ hosted by RPI’s Severino Center for Technological Entrepreneurship, or http://saratoga.startupweekend.org/. I have seen an increased interest from members of the community in helping build up the startup community in the Capital District and all of Upstate. We have a ways to go, but things seem to be moving in a positive direction.
I am also seeing some great activity in Ithaca, Syracuse, Rochester, and Buffalo. I had the pleasure of mentoring this summer with the Start Fast Accelerator in Syracuse. I was impressed with the amount of local support from the community and the number of inspiring companies that applied for the program. I think that collaboration between the communities is the key to all of upstate New York’s success in building an environment that fosters the growth of startup companies. We are all facing similar challenges and we can learn from each other.
Q: You’re a triathlete who is currently training for the Ironman event in Lake Placid. That is no small task. How widespread do you find the athletic community within the region and why would that be important to entrepreneurs?
A: The Ironman community is a tight-knit group of overachievers. The profile for an Ironman triathlete in many ways parallels that of an entrepreneur. To go 140.6 miles in one day takes a little bit of crazy and a lot of determination. That same thing can be said for many entrepreneurs. I have a network of people I have raced and trained with that include entrepreneurs, from Ithaca to Connecticut. Sharing a long painful journey with another person creates a unique bond.
Even if doing an Ironman is not remotely on your radar, one of the most inspiring and motivating events to witness is the Ironman finish line from 10 p.m. to midnight. Watching young and old participants, alike, cross the finish line with the expression of pure joy and total accomplishment charges you up for months to come. We have one of the best Ironman events in the world right here in the Adirondacks. If you want to be inspired, come and cheer on a number of upstate startup CEOs in Lake Placid on July 27, 2014.
This series is meant to provide value to you as a reader and be a call for action. We would ask that you get involved in the resurgence of upstate New York and benefit from your actions. If you’d like to become a mentor, multiple outlets across the region are available to you. Here are a few of the organizations that would love to talk to you about mentoring:
ELab @ Cornell, Ithaca: http://www.entrepreneurship.cornell.edu/activities/elab
Z80 Labs in Buffalo: http://www.z80labs.com/
HTR Launchpad in Rochester: http://htr.org/htr-launchpad
StartFast Venture Accelerator in Syracuse: www.startfast.net
The Tech Garden in Syracuse: www.thetechgarden.com
In our next installment in the series, we will highlight another valuable contributor to the success of the upstate region.
Robert M. (Rob) Simpson is president and CEO of CenterState CEO. Contact him via email at: rsimpson@centerstateceo.com. Kyle Blumin is an entrepreneur in residence at Syracuse’s StartFast Venture Accelerator. Contact him on Twitter at @kyleblumin
SYRACUSE — Ephesus Lighting, Inc. of Syracuse today announced it installed a new LED (light-emitting diode) lighting system at the Thomas M. Ryan Center in
Get our email updates
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Mentoring provides substantial value and results for startup communities. Not only does it offer much-needed support to first-time entrepreneurs, but it also provides great value and lessons to the mentor as well. As we have been reporting, the upstate New York entrepreneurial community features some amazing and talented people. Peter Dean is one of those people. The president and founder of Saratoga Springs–based Internet-marketing agency RenderTribe, Dean is quick to point out the value of being actively involved in the community.